Workshop: How Agencies Can Develop New Revenue Streams
Going beyond “work for hire” to create lasting value
Workshop presented by Ignition’s Tim Williams
Since the concept of the advertising agency was invented, agencies have thought of themselves as being in the “service” business. But today, agencies are discovering new ways to earn revenues and generate profits that transcend the traditional “work for hire” model.
Most of any agency’s clients engage in some form of R&D. Now its time for agencies to invest in some R&D of their own – not only as a means of evolving their competencies, but for the purpose of developing their own intellectual property that can be sold or licensed to both current and prospective clients.
This workshop explores the leading edges of alternative revenue streams for agencies, including:
Why agencies can be more than just “agents’ acting on a client’s behalf
How and why agencies can be in the product development business themselves
Inventive examples of how agencies are creating new revenue streams by developing their own IP
Generating more income from the high-value services that most firms current underprice or give away
Why agencies must shed the “service business” mentality and instead view themselves as being in the “marketing invention” business.
By thinking less like an incumbent and more like a start up, agencies can break of out of the vicious cycle of declining margins from increasingly commoditized production work and instead create a virtuous cycle where the constant creation of new products and services produces not only new revenue streams but higher profit margins.
We explore how inventive agencies are now:
Establishing their own R&D budgets
Forming labs or other product development units
Cataloging past work for future monitization
Injecting their work for current clients with marketing invention
Learning how to develop inexpensive prototypes
Adopting a new attitude of “test and learn”
Agencies can and must apply the same creativity to revenue generation as they do to solving client business problems. This workshop shows how agencies can not only continue to create superior results for their clients, but invest in their own future success as well.
The workshop is presented as an online event, which includes live Q&A. Participants receive access to all online content and are provided with a handout summary. For details an pricing, please contact us.
Who should attend?
This workshop is designed for mid to senior level agency executives in all disciplines.
About the presenter
Tim Williams is founder of Ignition Consulting Group, a leading U.S.-based consultancy devoted to helping agencies and other professional firms create and capture more value. Tim is a noted author, international speaker, and presenter for major associations, networks, and business conferences worldwide. He is author of two books on business strategy and has authored numerous articles in leading marketing and business publications. Tim writes the popular blog “Propulsion” and was selected by LinkedIn as a global LinkedIn Influencers in the area of marketing. As a consultant to agencies, law firms, accounting firms and other professional services, Tim has worked with hundreds of firms ranging from mid-size independents to multinational networks in North and South America, Europe, Asia, and Australia. Before forming Ignition, Tim worked at global agencies in New York and elsewhere, and more recently served as president of several successful mid-sized firms in the United States.